European banks line up for real-time payments launch
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European banks line up for real-time payments launch 10 October 2017Paris Reporter: Theo Andrew
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EBA Clearing has confirmed that banks from nine countries will join RT1, it’s pan-European infrastructure solution for real-time payments in euro, on its go-live date in November 2017.
The banks, which operate across several European countries, include institutions from the Netherlands, Spain, Austria, Italy, Latvia and Lithuania.
The first group of users are currently testing the platform’s connectivity, as it prepares for a “real-time payments ramp-up in Europe”, with banks including BBVA, CaxiaBank and UniCredit, a company statement said.
EBA Clearing expects see more than 50 early adopters live on RT1 by mid-2018. It is open to any account-servicing payment provider (AS-PSP) adhering to the European Payments Council’ SEPA Instant Credit Transfer Scheme.
The platform has been developed alongside its technology partner SIA, as well as 39 funding institutions, since April 2016.
It is the second project that EBA Clearing and SIA have worked on together. They also collaborated to implement the Single Euro Payments Area (SEPA) platform, STEP2.
Hays Littlejohn, CEO of EBA Clearing, said: “By the end of 2018, the participants in the system should represent 80 percent of our current STEP2 SEPA Credit Transfer (SCT) volumes, which gives a good indication of the considerable reach we expect RT1 to build up within the next 12 months.”
Littlejohn added: “RT1 is real and timely, ready to serve the needs of European payment service providers and their customers from day one of the EPC’s SCT Inst Scheme.”
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